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Tricity office market review

BPO Report

Warsaw, 30 October 2013 - Colliers International, a leading advisor in the commercial real estate market, has published another report of a series concerning office market in Polish regional cities. This time Colliers analyzes the potential of Tricity.

Tricity is the biggest agglomeration of northern Poland, consisting of three main cities: Gdansk, Gdynia and Sopot, along many smaller towns and boroughs in Pomorskie region. Together they total to population of almost 750,000 with over 100,000 students on 22 universities.

In the first half of 2013, Tricity recorded the most significant growth in stock among all analysed regional markets. New supply amounted to 50,000 m2, of which 37,600 m2 were delivered in Gdańsk, 11,150 m2 in Gdynia and 1,200 m2 in Sopot. At the end of June the total office stock in Tricity stood at 330,300 m2.

Transaction volumes registered in the first half of the year reached 19,200 m2, of which 57% were new agreements. The average transaction size was 738 m2.

The vacancy rate for the whole agglomeration increased to 13.9% (compared to 9.9% at the end of 2012). The average headline rents ranged between € 11 and 15/m2/month.

At the end of the first half of the year, there were 70,300 m2 under construction, of which 18,200 m2 would be delivered to the market by the end of 2013.

“The office market in Tricity has been developing very dynamically in recent years and the supply of office space has tripled since 2006. The region offers over 330,000 m2 of modern offices, 50,000 m2 of them were completed in the first half of 2013. Availability of attractive office space, significant number of university graduates and competitive rental cost make Tricity one of the favourite locations for BPO companies. Among the most significant tenants representing this sector in Tricity are: Arla Foods, BPH Bank, Compuware, Contact Center, Geoban, Intel, Meritum Bank, Nordea Bank or Bayer.” – comments Błażej Kucharski, Gdansk Regional Director, Colliers International.